Latest news with #MaritimeIndiaVision2030
Time of India
4 days ago
- Business
- Time of India
India, Norway discuss deeper maritime ties; joint focus on green technologies, electric ferries, shipbuilding collaboration
New Delhi: India and Norway discussed broad-based cooperation in maritime technology, shipbuilding, clean fuels, and ocean management as Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal held bilateral meetings with his Norwegian counterparts during the Nor-Shipping event in Oslo. The meetings with Norway's Transport Minister Jon-Ivar Nygård and Minister of Fisheries and Ocean Policy Marianne Sivertsen Næss focused on green maritime technologies , ferry system electrification, ship recycling, and cooperation in the blue economy. Highlighting India's initiatives under the ' Maritime India Vision 2030 ' and 'Maritime Amrit Kaal Vision 2047', Sonowal said, 'India is advancing port infrastructure, green shipping, shipbuilding, and digitalisation. Our ports are not just gateways to trade—they are becoming catalysts of clean energy transitions, supporting offshore wind, green hydrogen, and low-carbon logistics.' Both sides discussed electrification of ferry systems, with India expressing interest in Norway's experience. 'India and Norway can continue this partnership and manufacture electric ferries and vessels for the emerging global demand. India is keen to partner with Norway for best practices in electrification of ferry systems to optimise our inland waterways,' Sonowal said. The discussions built upon India's Green Coastal Shipping Programme and the Green Voyage 2050 initiative. Norway's capabilities in AI-driven port management, digital twins, and alternative fuels such as LNG, hydrogen and electric propulsion were explored in the context of India's MAITRI initiative. Sonowal and Sivertsen Næss also reviewed cooperation in ship recycling, seafarer training, sustainable fisheries, offshore hydrocarbons, and ocean renewable energy. The Alang Ship Recycling Yard in Gujarat was discussed as a potential site for joint initiatives to promote sustainable ship-breaking practices. 'Norway has been a valued partner for India in the maritime domain and beyond. The recent EFTA-India Trade and Economic Partnership Agreement marks a significant milestone and reaffirms our strong economic cooperation,' Sonowal said. India proposed a joint feasibility study with Norway for operationalising the Northern Sea Route (NSR), with collaboration in Arctic navigation, research and development in Arctic shipping, and the design of ice-class vessels. Reiterating India's commitment to gender diversity, Sonowal referred to the 'Saagar Mein Samman' initiative and sought Norway's support in building human capital through seafarer training in areas like polar navigation and maritime cybersecurity. Inviting Norwegian firms to explore joint ventures in ocean renewable energy, Sonowal said, 'India and Norway also share a robust and growing partnership in the Blue Economy, driven by their shared vision for sustainable ocean management.' He added, 'The strong momentum in our bilateral engagement is likely to soar further as we agree to deepen our bilateral maritime cooperation. We will work closely to translate today's talk points into actionable items.'
Time of India
5 days ago
- Business
- Time of India
India needs massive investments for Net-Zero Goal by 2070; Private sector will be vital: Moody-ICRA
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel According to a joint report by Moody's Ratings & ICRA , highlights that India will require a huge investment in order to meet ambitious 2070 net-zero emissions norms particularly in the power report projects that over the next decade, these investments are projected to constitute 2 per cent of country's real GDP for the electricity value chain, encompassing power generation, storage, transmission and report also suggests that the country must manage the complex balance of energy security, affordability, and the transition to cleaner India's fast-growing economy will continue to rely on coal in the short to medium term. It adds a 32 to 35 per cent increase in coal-based generation capacity (around 70-75 GW) over the next 10 years, alongside the addition of 450 GW in renewable capacity."We expect the private sector to remain active in India's renewable energy sector, while government-owned companies will also increase their role," said Abhishek Tyagi, a Moody's Vice President and Senior Credit further added that, "Solar and wind power will dominate new generation capacity additions over the next 20-25 years, with smaller nuclear and hydropower additions."Furthermore, the report also expects a slowdown in road project execution in the near term despite a healthy FY2026 budgetary outlay of Rs 2.72 trillion for the Ministry of Roads, Transport and Highways (MoRTH)."With road awarding projected to improve only in second half of FY2026, the revenue growth of road developers is likely to remain subdued over the next 12-15 months, as it takes 6-9 months from project awarding to on-ground execution (first billing milestone)," said Ashish Modani, ICRA's Senior Vice President and Group Head, Corporate contrast, ports and data centers are emerging as key growth areas. Under the Maritime India Vision 2030, the government has committed substantial capex to expand port capacity. ICRA anticipates a 3 to 5 per cent increase in cargo volumes in FY2026, led by containerised cargo, petroleum products, and fertilisers, though global trade and tariff uncertainties pose risks.
Time of India
5 days ago
- Business
- Time of India
Around 450 GW renewable capacity planned; coal capacity to rise by 75 GW over 10 years: Moody's
New Delhi: India will require sustained investments equivalent to around 2 per cent of real GDP annually over the next decade across the electricity value chain to meet its 2070 net-zero emissions target, global rating agency Moody's said in a report. The report said the investment needs span power generation, storage, transmission, and distribution infrastructure. The power sector is a significant contributor to India's overall carbon emissions. Moody's said India is expected to add around 450 GW of renewable energy capacity over the next 10 years, but the country will also expand its coal-based power generation capacity by 32 to 35 per cent, or around 70 GW to 75 GW, due to strong economic growth. 'We expect the private sector to remain active in India's renewable energy sector, while government-owned companies will also increase their role,' said Abhishek Tyagi, Vice President and Senior Credit Officer, Moody's. 'Solar and wind power will dominate new generation capacity additions over the next 20–25 years, with smaller nuclear and hydropower additions,' Tyagi said. Moody's stated that securing diverse capital sources, including foreign investment in both debt and equity, will be crucial to address the funding gap in energy transition infrastructure. Slowdown in road construction; data centres and ports to draw capex: ICRA Moody's Indian affiliate ICRA said road construction activity is expected to remain slow in the near term, while segments such as data centres and ports are likely to receive significant investments supported by government spending, capital outlays, and a large pipeline of projects. The budgetary outlay for the Ministry of Road Transport and Highways (MoRTH) has been maintained at ₹2.72 lakh crore for FY26. 'The project awarding in the road segment has slowed down in the last 6–8 quarters as the focus is gradually shifting towards improving share of private investment through the BOT-Toll mode,' said Ashish Modani, Senior Vice President and Group Head, Corporate Ratings, ICRA. 'With road awarding projected to improve only in second half of FY2026, the revenue growth of road developers is likely to remain subdued over the next 12–15 months, as it takes 6–9 months from project awarding to on-ground execution (first billing milestone),' Modani said. ICRA said developers may bid aggressively for central government road projects to build order books, which could impact operating profitability. Under the Maritime India Vision 2030, the government has planned significant capex to augment port capacity and infrastructure. Cargo volumes are expected to grow by 3–5 per cent in FY26, mainly from container, petroleum products, and fertiliser segments. However, capacity additions may outpace demand in some port clusters, leading to potential pressure on pricing and utilisation. Data centres attract ₹1.6–1.8 lakh crore investment According to ICRA, the data centre segment is emerging as a key infrastructure investment area, with an estimated pipeline of ₹1.6–1.8 lakh crore for capacity addition over the next 5–6 years, supported by digitalisation and favourable policies. The number of data centre operators in India increased to 18 in 2025 from 9 in 2019. The rising competition has moderated rentals and increased payback periods. However, coverage metrics are expected to remain stable due to longer debt tenures of 12–15 years.>
Fibre2Fashion
7 days ago
- Business
- Fibre2Fashion
India's port volumes rise 3.4% in FY25, outlook steady for FY26: ICRA
India's port sector recorded a 3.4 per cent year-on-year (YoY) growth in overall cargo volumes in fiscal 2025 (FY25), moderating from 7.5 per cent growth in fiscal 2024 (FY24). The increase was primarily driven by an 11 per cent surge in container volumes and a 3 per cent rise in petroleum product shipments. India's port sector saw 3.4 per cent YoY cargo growth in FY25, led by an 11 per cent rise in containers and 3 per cent in petroleum products, while coal volumes fell 3 per cent. Infrastructure push under Maritime Vision 2030 continues, with rising capex and consolidation. FY26 cargo is expected to grow 3â€'5 per cent, driven by containers and fertilisers. The trend of cargo containerisation continues to gain traction, though volumes remain vulnerable to global geopolitical tensions and container availability, ICRA said in a report. Coal cargo declined by 3 per cent YoY in FY25, as thermal power generation rose 2.8 per cent and domestic coal production increased nearly 5 per cent, reducing the need for imports, which fell by 8.6 per cent. The government continues to push infrastructure expansion in line with Maritime India Vision 2030, with significant capital expenditure planned to enhance port capacity. While project execution is set to accelerate, rapid capacity addition may create supply-demand mismatches in certain regions, increasing competition and price pressures. Sector consolidation has also been ongoing, with larger groups acquiring smaller or standalone port operators—a trend expected to persist. Looking ahead, cargo volumes are projected to grow by 3 to 5 per cent YoY in fiscal 2026 (FY26), driven by continued strength in container and fertiliser shipments. The POL (petroleum, oil and lubricants) segment is expected to grow 2 to 4 per cent. Fibre2Fashion News Desk (HU)
Hans India
7 days ago
- Business
- Hans India
India, Japan agree on deepening maritime ties
India's Minister of Ports, Shipping Sarbananda Sonowal held a bilateral meeting with Terada Yoshimichi, Japan's Vice Minister here on Monday to boost cooperation between the two countries in shipbuilding, ports, smart islands, and maritime training for a globally sustainable future. Sonowal's discussions with Yoshimichi, Japan's vice minister for International Affairs, and the Ministry of Land, Infrastructure, Transport & Tourism (MLITT) were aimed at deepening maritime relations between the two countries in multiple areas including investment by Japanese Shipyards, collaboration on port digitisation and green port initiatives. An increase in R&D cooperation, upskilling human resources and employment of Indian seafarers in Japan were also discussed, according to an official statement. The two ministers held discussion on using sustainable technologies, disaster-resilient infrastructure, and enhanced connectivity to enable Andaman Nicobar islands and Lakshwadeep islands to be converted into Smart Islands. Acknowledging the rich expertise of Japan in developing island territories, Sarbananda Sonowal said: "Japan's expertise in this area is highly valued. We see scope for joint work in the Andaman & Nicobar and Lakshadweep islands, particularly in deploying renewable energy, smart mobility systems, and digital infrastructure. These initiatives will further our shared commitment to ecological conservation and regional maritime security." The meeting also focused on increasing partnership between Indian and Japanese shipyards including greenfield investment such as Imabari Shipbuilding in Andhra Pradesh and others. Opportunities for co-development of ports and maritime industrial clusters as clean energy hubs were also gauged for mutual cooperation. Sonowal expressed India's interest in leading Japanese shipbuilding companies such as Imabari Shipbuilding, JMUC, Kanagawa Dockyard, and Mitsubishi Heavy Industries to explore joint ventures and collaborative arrangements with Indian shipyards. Speaking on the occasion, the Union Minister said: "Relations between India and Japan have a long history rooted in spiritual affinity and strong cultural and civilisational ties. Our collaboration under the Quad framework and the India-Japan-Australia Supply Chain Resilience Initiative reflects our shared commitment to strengthening regional maritime security and economic integration. India appreciates Japan's leadership in key initiatives such as the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI), and the Leadership Group for Industry Transition (LeadIT)." As India moves ahead to transform its maritime sector under the visionary leadership of Prime Minister Narendra Modi, the country is advancing port infrastructure, green shipping, shipbuilding, and digitalisation under 'Maritime India Vision 2030.' India seeks Japan's participation in these transformative initiatives. Yoshimichi said that Japan has been participating in the development of railway infrastructure in India and is now 'very interested in the maritime sector' as well. Prospects of mutual collaboration in shipbuilding and training of seafarers were discussed and considered positively. He expressed satisfaction over the meeting. Emphasising the need to deepen bilateral ties in maritime training and development, as well as cooperation in research and development, both sides agreed to further strengthen collaboration in the maritime sector, especially on sustainable maritime technologies and next-generation ship design. Sonowal said that India is keen on signing an MoU with Japan for a collaboration with Cochin Shipyard Limited (CSL), Indian universities, and public agencies. On upskilling and employment of India's human capital, Sonowal said: 'India currently has over 154,000 trained seafarers which is capable of support and supplement Japan's maritime workforce. India is ready and keen to facilitate Japanese maritime player's interest in training Indian engineers and workers through structured programmes.' Sonowal said: 'We deeply value the relationship with Japan. Under PM Narendra Modi's leadership, India aims to scale new heights with a target of five trillion yen (Rs 3.2 lakh crore) in investments with Japan by 2027. India will work closely with Japan toward a sustainable future, guided by our shared vision of advanced maritime cooperation that contributes meaningfully to global progress & mutual benefit for both countries.' The Union Minister also offered Japan a partnership in India's Maritime Heritage Museum (NMHC) project at Lothal in Gujarat which also serves as a world-class centre for heritage tourism, education, and research in the maritime sector. Besides, he extended an invitation to Vice Minister Terada Yoshimichi for participation at the India Maritime Week, 2025 in Mumbai between 27th and 31st October this year.
